The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and fuels exports, as well as a widening discount on the Russian flagship Urals blend oil price at around $56 - below the Western-imposed $60 price cap per barrel.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and gasoline exports, as well as a widening discount on the Russian flagship Urals oil mixture's price of around $56 per barrel. This is below the Western-imposed $60 per barrel price cap.
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq, the largest overproducer in the group, to reduce output as compensation for producing more than the agreed-upon volume. In April, it was one of the countries who submitted plans to reduce oil production to compensate for exceeding agreed quotas.
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria, Angola…
Palm oil closes at its highest level in 14 weeks with a weekly gain of more than 3%
Malaysian palm futures closed higher Friday, and recorded a third weekly gain in a row. This was boosted by the strength of rival edible oils from Dalian and Chicago. Futures have also recorded a weekly gain of 3.40% and their highest close in the last 14 weeks. The benchmark contract for palm oil delivery in October on the Bursa Derivatives Exchange rose 106 ringgit or 2.52% to 4,316 Ringgit ($1,017.92). "Palm Oil prices rose, supported by strength in Chicago Soyoil and Dalian Palm and Soyoil Futures, along with expectations of a lower ringgit because of a strong U.S. Dollar," said Darren Lim.
Palm oil leads rival edible oils to third-week gains
Malaysian palm futures rose on Friday, heading for a third weekly gain in a row. They tracked the increase of rival edible oils traded at Dalian and Chicago. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery had gained 80 ringgit or 1.9% to 4,290 Ringgit ($1,010.84) per metric ton. This week, the contract gained 2.78%. "Palm Oil prices rose, supported by strength in Chicago Soyoil and Dalian Palm and Soyoil Futures, along with expectations of a lower ringgit because of a strong U.S. Dollar," said Darren Lim.
Palmetto ends the year lower due to profit-taking and weak export data
Malaysian palm futures ended lower on Thursday as profit-taking wiped out gains made in the previous session. This was due to reports showing weaker export figures for the period of July 1-15. The benchmark contract for palm oil delivery in October on the Bursa Derivatives exchange lost 12 ringgit or 0.28% to $4,212 ringgit (US$991.76) per metric ton. AmSpec Agri Malaysia reports that exports of Malaysian Palm Oil Products for the period July 1-15 fell by 5.3% compared to June 1-15. Intertek Testing Services, a cargo surveyor, reported a drop of 6.2%. Malaysia also increased its crude palm oil export duty to 9%, up from 8.5%.
Palm oil exports slip on the back of profit-taking following weak export data
Malaysian palm futures declined on Thursday, wiping out gains made in the previous session due to profit taking after reports revealed weaker export figures for the period of July 1-15. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for October delivery had fallen 7 ringgit or 0.17% to 4,217 Ringgit ($993.87) per metric ton. AmSpec Agri Malaysia reports that exports of Malaysian Palm Oil Products for the period July 1-15 fell by 5.3% compared to June 1-15. Intertek Testing Services, a cargo surveyor, reported a drop of 6.2%. Malaysia also increased its crude palm oil export duty to 9%, up from 8.5%.
Palm snaps losing streak of two sessions on stronger soyoil
Malaysian palm futures ended higher on Monday after two sessions of declines. The price increase was boosted by the stronger soyoil. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 69 Ringgit or 1.81% to $3,884 Ringgit ($905.99), a metric tonne, at the close. A Kuala Lumpur based trader reported that crude palm oil futures had been trading higher due to a recovery in the strength of rival oilseeds markets. Dalian's palm oil contract, which is the most active contract, fell by 0.1%. Chicago Board of Trade soyoil prices rose 0.84%.
Palm oil rises against stronger rival Soyoil
Malaysian palm futures prices rose on Monday after two sessions of declines. Supported by higher rival soyoil price, they ended a downward trend. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 41 ringgit or 1.07% to 3,856 Ringgit ($895.08) per metric ton. A Kuala Lumpur based trader reported that crude palm oil futures had been trading higher due to a recovery in the strength of rival oilseeds markets. Dalian's palm oil contract, which is the most active contract, gained 0.2% while soyoil prices rose by 0.52%. Chicago Board of Trade soyoil prices rose 0.55%.
Palm VEGOILS ends third consecutive weekly loss
Malaysian palm oils futures dropped on Friday, posting their third consecutive weekly loss. This was due to weakness in vegetable oils traded at the Chicago and Dalian commodities exchanges. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange lost 44 ringgit (1.14%) to $3,812 ringgit ($888.16). The contract dropped 0.05% in the last week, the lowest loss for a weekly since September. Dalian's soyoil contract with the highest volume fell by 1.1% while palm oil contracts for June delivery declined by 1.48%. Prices of soyoil on the Chicago Board of Trade dropped by 2.37%.
Palmetto slips with a second consecutive weekly loss
Palm oil ended lower on Friday, and recorded a second consecutive weekly loss. This was due to a decline in Chicago soyoil and the persistently slow performance of Malaysian palm oil exports. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange lost 37 ringgit or 0.84% to 4,376 Ringgit ($990.27). The contract has lost 4.37% in the last week. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower. This was due to the weakness in Chicago soybean futures as well as a slowdown in Malaysian palm oil.
VEGOILS - Palm up in hopes of better demand, but second consecutive weekly loss
Palm oil prices rose on Friday, on the hope of improved demand from India and China. However, they were still heading for their second consecutive weekly loss because of weakness in Chicago soyoil contracts and Malaysian palm oil exports that have been slowing down. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives Market gained 5 ringgit or 0.11% to 4,418 Ringgit ($999.32). This week, the contract has fallen by 3.45%. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower.
Export data from surveyors show palm gains on Dalian
The price of Malaysian palm oils futures rose for the second consecutive session on Thursday. This was due to the strong performance in Dalian and the newly released export surveyors data. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 26 ringgit or 0.59% to $4,415 ringgit (US$997.97) per metric ton. A Kuala Lumpur based trader stated earlier that the futures rose due to Dalian, while awaiting export data which would lead the market in the afternoon. Dalian's most active palm oil contract grew by 0.93%, while the soyoil contract that was traded fell 0.62%.
Palm prices end higher due to Indonesia's increased levy and weak Malaysian production
Malaysian palm oils closed higher on Wednesday, after Indonesia reaffirmed its intention to increase the palm oil export tax. Malaysia's lower production figures have however limited gains. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 22 ringgit or 0.5% to 4,388 Ringgit ($990.07). The futures market resumed on a bullish note, mainly because Indonesia reaffirmed an increase in export taxes for palm oil. The weaker Malaysian performance of palm oil exports in the first half of march is still limiting gains, said Anilkumar bagani, head research at vegetable oils broker Sunvin Group.
Officials say that Indonesia will increase the palm oil export tax from 4.5% to 10%.
A plantation fund official announced on Tuesday that Indonesia would increase its palm oil export tax to between 4.5% to 10% of the crude oil reference price. This is an increase from the previous 3% to 7.5%. The new tax will be used to finance the mandated rise in the amount of oil used to make biodiesel. Indonesia increased the amount of palm oils in its biodiesel blend to 40% from 35% this year. It plans to increase it to 50% by 2026 and to a 3% mix for jet fuel in order to reduce fuel imports. Kabul Wijayanto said that the Plantation Fund Agency is responsible for collecting and distributing export levies.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis. Crude exports increased 90,000 BPD from the weak levels in December and January, while product exports dropped by 190,000.
VEGOILS - Palm oil prices settle higher despite uncertainty over Indonesia's export tax and US tariff threats
Malaysian palm futures recovered from early losses on Friday to record a second weekly gain. A stronger Chicago soyoil, a weaker dollar, and market uncertainty about Indonesia's export rate and U.S. Tariff threats offset the gains. The benchmark contract for palm oil delivery in April on Bursa Derivatives Exchange closed at 4290 ringgit (US$964.04), up 11 ringgit or 0.26%. The contract rose 1.76% after rising 0.62% last week. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the possibility of a reduction of 9% to 10% in Indonesian crude oil export levies…
Palm oil prices fall on Indonesian export levies and US tariff threats
Malaysian palm futures declined on Friday, as trading resumed following a two-day Lunar New Year break. The market was weighed down by uncertainty about Indonesia's export rate and U.S. Tariff threats. By midday, the benchmark April palm oil contract on Bursa Derivatives Exchange fell 19 ringgit or 0.44% to 4,260 Ringgit ($963.36) per metric ton. The contract is up 1% this week, after last week's 0.62% increase. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the possibility of a reduction of 9% to 10% in Indonesian crude oil export levies…
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1. Subsidies will increase with a higher blend.